Social Media Analytics Market worth 9.54 Billion USD by 2022

The report "Social Media Analytics Market by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence), Component, Analytics Type, Deployment, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", the social media analytics market size is expected to grow from USD 2.71 Billion in 2017 to USD 9.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%. The key forces driving the social media analytics market include the increased focus on the market and competitive intelligence, the increasing user engagement in social media using smartphones, and the need for social media measurement to enhance the customer experience.

The retail and eCommerce vertical is expected to have the largest market share during the forecast period

Among industry verticals, the retail and eCommerce sector is expected to continue to have the largest market share during the forecast period. This industry vertical is going through a massive transformation, as mobile eCommerce is gaining popularity and replacing the brick and mortar stores. Because of the emergence of many eCommerce websites, the competition among online retail in on the rise. Organizations need to identify the trends by analyzing the voice of the customer, generating insights using their choice preferences, and improvising on their customer service management to attract more customers. Social media platforms provide a large database of unsolicited consumer opinions, which can help brands measure their campaigns, identify their growth opportunities, improve their products, and keep a tab on their competition using a single ecosystem.

The cloud deployment model is expected to grow at a high CAGR during the forecast period

The cloud-based deployment model is witnessing an increasing demand due to its cost-effectiveness and easy availability. Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies, cloud-based deployments are expected have a high growth rate, as compared to the on-premises deployment. Moreover, cloud-based solutions provide agility and flexibility in use.

North America is expected to constitute the largest market share; APAC to grow at the highest CAGR

In terms of market share, North America is expected to continue its dominance during the forecast period. The early adoption of new and emerging technologies and the emergence of many social media analytics vendors in the region is expected to consolidate a majority of the revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.

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